Sentences with phrase «when insured people»

A Second - to - die insurance policy, also known as survivorship life insurance, covers two individuals, which is usually the parents of a special needs child, and pays out as a lump sum when both insured people pass away.

It is a joint life insurance policy, however, it covers both people but will only pay out when both insured people have died, this is why it may be known as «second - to - die».

This policy pays out a lump sum amount if and when insured people are diagnosed with any of the life - threatening diseases listed in the policy document.

Cash values accumulate quickly when the insured person has many years left to live.

• Life insurance claims are filed when an insured person dies so his or her beneficiary receives the death benefit payout.

If no long - term care benefits are paid, then the policy pays out the full death benefit when the insured person dies.

Trip Cancellation means the cancellation of Common Carrier travel arrangements when the Insured Person is prevented from traveling on a Covered Trip on or before the Covered Trip departure.

When the insured person dies, no matter at what age, the policy is paid to their designated beneficiaries.

Life insurance benefits are typically paid when the insured person dies and the beneficiary files a claim with the insurance company and provides a certified copy of the death certificate.

Sure, but that's not helpful when the insured person has no money, and therefore misses the point.

It is not uncommon for an insurance company to terminate payment of these benefits when an insured person is not yet able to return to work.

Overpayments commonly occur when an insured person is paid an income replacement benefit and subsequently receives Long Term Disability benefits (LTD) or Canada Pension Plan benefits (CPP), which are deductible under the SABS.

Back to Top Bodily Injury Liability Coverage Pays when an insured person is legally liable for bodily injury or death caused by your vehicle or your operation of most non-owned vehicles.

(3) The Insured Person must not be traveling during a period of time when the Insured Person is preparing or waiting for, involved in, or undertaking a new, changed or modified Treatment program with respect to the Pre-existing Condition, and is not traveling subsequent to any such new, changed or modified Treatment program having been advised or recommended; and

The IRS has rules that determine who owns a life insurance policy when the insured person dies.

The main difference between term life insurance and whole life insurance is with term life insurance, when the insured person dies, it just pays the face amount of the policy to the named beneficiary.

Hotel room charge, when the Insured Person, otherwise necessarily confined in a Hospital, shall be under the care of a duly qualified Physician in a hotel room owing to unavailability of a Hospital room by reason of capacity or distance or to any other circumstances beyond control of the Insured Person.

Most of the time, someone would like to convert from fixed coverage plan to comprehensive coverage plan when the insured person falls sick and they realize they need a better plan with comprehensive coverage.

The death benefit of a life insurance policy which is the amount the beneficiary receives when the insured person dies.

When an insured person dies, the life insurance company reaches into this pot to pay the death benefit.

When the insured person who is the parent faces death within the term of the SBI child plan, the Sum Assured is paid to his nominee which should not be lower than 105 % of the premiums paid during his lifetime.

Virtually all policies have a «suicide clause» outlining the insurer's guidelines for when the insured person takes his or her life.

The policy becomes a «matured endowment» when the insured person lives past the stated maturity age.

When the insured person passes away, it presumably leaves behind a family or beneficiaries who will gain from the policyholder's insurance policy.

Insurable interest exists when an insured person derives a financial or other kind of benefit from the continuous existence, without impairment or damage, of the insured object (or in the case of a person, their continued survival).

When an insured person dies within the 2 - year contestability period, the insurance company can by all means exercise its right to contest the validity of the insurance policy and the claim.

It means that they don't want to take too much risk when insuring people for life insurance.

When the insured person dies, the remainder of the death benefit is paid to the Beneficiary, just as under a traditional life insurance policy.

When an insured person is admitted in a hospital, hospital insurance will compensate a benefit.

If no long - term care benefits are paid, then the policy pays out the full death benefit when the insured person dies.

Life insurance benefits are typically paid when the insured person dies and the beneficiary files a claim with the insurance company and provides a certified copy of the death certificate.

Change of the death benefit type, for owners of universal life insurance policies, can also be made that will either include or exclude in the proceeds any accumulated cash value when the insured person dies.

This policy comes into play when an insured person sustains physical injuries directly from an accident caused by external, violent and visible means, and consequently results in death or disablement.

The premiums for these products — which are designed to pay a death benefit no matter when the insured person dies — are driven by expected investment returns as well as by the same forces that affect term rates, Dr. Weisbart said.

Trip Coverage End Date: The Insured Person's coverage under this Plan for a trip ends for a scheduled trip to a Foreign Country, when the Insured Person alights from a conveyance at the completion of the trip; and in no event will coverage for a trip extend past the Maximum Trip Coverage Period of 70 days.

Once the life insurance policy is placed in the trust, the insured person no longer owns the policy, which will be managed by the trustee on behalf of the policy beneficiaries when the insured person dies.

The policy pays upon the death of the insured or when the insured person reaches a specific age stated in the policy.

That's because when an insured person dies, the insurer has to pay up.

When the insured person and the owner are the same person, it needs to be understood that this may effect the tax treatment of life insurance death claim payouts.

When an insured person is going through the underwriting process, the underwriting department assesses the risk of the prospective insured based on the face amount applied for.

This policies may be said to be a form of «permanent term» as usually they expire when the insured person reaches a very old age (i.e. age 100).

By purchasing a convertible term life insurance policy when the insured person is young and healthy, even if they can not afford whole life insurance at that time, they give themselves the ability to convert at a later time when they have more money without having to worry about their health rating.

Loading usually arises when insuring a person who is prone to risks.

When any insured person dies, the life insurance company that issued the policy may place the death benefit proceeds into a retained asset account.

Per the policy that is purchased, when the insured person dies the policy will pay the death benefit to the listed beneficiary or beneficiaries if more than one is listed.

Put simply, the rider (at an additional cost) allows for an accelerated pay out of a part of the death benefit even when the insured person is alive, if he or she is diagnosed with a critical illness.

This amount will be deducted from the total benefit amount when the insured person dies.

When the insured person or policy holder decides to end the insurance coverage while he or she is still alive, a check will be handed to that person.

Pregnancy, childbirth whether normal or complicated, including the transfer of a pregnant woman to hospital to give routine childbirth or air travel when the Insured Person is more than 20 weeks pregnant and was NOT a result of an accident or onset of complications relating from an accident.

The beneficiary makes a claim to the insurer on the life insurance policy when the insured person passes away.